Why XOMA Stock Is Trading Higher Wednesday?

XOMA Corporation XOMA stock is trading higher during the morning session on robust volume after the FDA granted an Orphan drug tag to NIS793 for pancreatic cancer.
Under the terms of the 2015 agreement between XOMA and Novartis AG AG, XOMA can earn up to $445 million in additional milestone payments.
Yesterday, Novartis released the press release for NIS793 Orphan Drug Designation.
Price Action: XOMA shares are up 11.6% at $37.39 during the market session on the last check Wednesday.
Related content: Benzinga's Full FDA Calendar.